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Speculators Go Net Long the Kiwi

Posted by WorldWideMarkets . on Aug 28, 2013 3:22:00 AM

FX speculators went net long the New Zealand dollar in the latest week of FX
positioning data through to August 20. It was only 2390 net long contacts but
that was the first time investors went net long the kiwi since June 11,
2013.The data of course, was collated through to the Tuesday before Monday’s release
of the New Zealand trade data. The data showed New Zealand posted its biggest
monthly trade deficit in 10 months in July at NZ$774 million, or US$604
million, with the annual deficit more than doubling to NZ$1.69 billion. Exports
for the month were 4 percent lower on the previous month due to falls in dairy
products and crude oil, while imports rose 27 percent, with crude oil imports
and aircraft purchases, helicopters, accounting for two-thirds of the increase.
What will FX speculators do this week. Probably increase longs. The kiwi may be
trading new zealand dollar tradingdown 1.7 percent month to date against the dollar but with the expectation that the RBNZ is going to possibly raise the benchmark rate next year and the
housing market still hot, there are a lot of factors still working in the
kiwi’s favour. 

 

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